Trader Emanuel Goffer sentenced for insider trade

NathalieTadena

Securities trader Emanuel Goffer was sentenced Friday in a Manhattan federal court to three years in prison for his role in an insider trading scheme.

U.S. District Judge Richard Sullivan sentenced Goffer for obtaining and trading on nonpublic information, including information provided by two attorneys regarding the potential acquisitions of 3Com Corp. and Clear Channel Communications Inc.

"Emanuel Goffer went to extreme lengths to conceal his role in a tangled web of insider traders who have all been convicted for illegally trading on proprietary information about public companies," said Manhattan U.S. Attorney Preet Bharara.

Goffer's brother and former Galleon Group LLC trader Zvi Goffer was previously convicted of conspiracy and securities fraud charges and sentenced to 10 years in prison.

Following a four-week trial, Emanuel Goffer was convicted in June 2011 on all counts against him, which included two counts of securities fraud and one count of conspiracy to commit securities fraud.

According to the indictment, a previously filed complaint and trial evidence, Emanuel Goffer obtained insider information from his brother in 2007 and 2008. Goffer made more than $750,000 on trades based on this information. Goffer also used a prepaid cellphone to communicate with other participants in the insider trading ploys and engaged in trading strategies to conceal his insider trading, according to the indictment.

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